Reason for this visit

Australia has a profound trading culture and a world-recognized regulatory environment. Currency markets are very popular there. Australia's top currency brokers reportedly have more daily trading volume than cash trades in Australian stocks. There are three trading sessions - Asia Pacific, Europe, and the United States. Located in the Asia Pacific region, Australia is the first country to start trading forex and commodities during the day. Although the trading volume is relatively small at the beginning, due to the time difference, the addition of Japanese traders after a few hours can make the trading volume larger. The Europe trading session is the most traded in the global foreign exchange market. Australia is a country with abundant natural resources, rich in oil and coal, precious metals as well as grains. The physical trading of these products in global markets has led to a robust derivatives market, with active participation by both retail and institutional investors. Many exploration and production companies are publicly traded on the securities market, making Australian equities highly liquid and risky. In addition, many commodities are priced in USD, EUR and JPY, which contributes to a highly liquid currency trading environment. The physical delivery nature of Australia's thriving export market supports both spot and forward currency markets. Furthermore, China, which is one of Australia's largest trading partners and the world's second-largest economy, brings huge amounts of Australian natural resources into the country. China's influence as a consumer nation provides investors in the currency market with a natural trading partner. Demand for resources may provide a potential exchange rate basis for its currency. In order to help investors or practitioners have a more comprehensive understanding of foreign exchange dealers in Australia, the survey team is going to the country for on-site visits.

On-site visit

In this issue, the investigation team went to Melbourne, Australia to visit the foreign exchange broker Aximtrade as planned according to the regulatory address it claims that 103/566 St Kilda Rd, Melbourne, VIC 3004.

The survey personnel came to the destination on February 13, 2023, where a detached office building was surrounded by a good environment with high greening rate.

The survey team arrived at the target floor, but didn’t spot the office of forex broker Aximtrade. And there was no any information about the broker from company directory of the building.

Therefore, it is confirmed that Aximtrade doesn’t have a physical presence here.

Conclusion

The investigators went to Australia to visit forex broker Aximtrade as scheduled, but didn’t find its physical business office according to the regulatory address that the broker displayed. Therefore, the broker’s forex regulatory information is not true. Investors are advised to stay alert to the broker. 

Disclaimer

The content is used for informational purpose only, and shall not be taken as a final order for making a choice.